Estate, trustee duty and stock basis step-up not done

[Strongsilence-CPA]

Decedent in 2021.

Trustee opens an account (with Schwab) and transfers stocks owned by Decedent into it. (This Schwab account is in the EIN of the estate.)

Schwab lists missing tax basis on the 1099. (And one stock has a basis of 0 which I need to understand.)

Now I'm wondering about determining the step up to FMV for these stocks.  Does the trustee usually direct the custodian to do it?  Does the CPA determine the FMV?  (And, 

I'm going to ask the Trustee to request an extension.

[BobKamman · Accepted solution]

Full-service brokers (not Schwab) usually do it if you ask.  Schwab is used as custodian by many "financial planners" who may provide that service.  Otherwise, the trustee/PR does it by finding a website with historical stock prices and figuring the average of high/low for the date of death.   Hoping the market was open that day.  

[Strongsilence-CPA]

Thank you Bob.

The trustee lives in a van. (Not by a river he he. He has limited resources.)

It's easy and I could do it. But I wonder if there is a requirement of competence.

Also, with this estate, there appears to be no squabbling amongst beneficiaries or possibility of legal action but I don't know that.

[BobKamman]

Most of the cases I've seen involving breach of fiduciary duty involve trustees living in mansions, not vans.  

[Strongsilence-CPA]

Gave me a good hearty chuckle. Thank you.